Speedy Cash to replace Happy Buddha at College at 11th

Published 12:00 am, Friday, April 17, 2009

The Happy Buddha restaurant that once occupied 860 S. 11th St. is gone and a new building and new business are under construction.
The site, on the northwest corner of South Eleventh and College streets, will become a Speedy Cash location. The business provides short-term consumer financial services such as payday loans, check-cashing services, and car title loans.
The Beaumont store will be the Wichita, Kan.-based company's 83rd location, said Bill Baker, vice president of marketing and business development for Tiger Financial Management, a company that represents Speedy Cash.
Baker said the company likes to build larger, standalone stores, and the one at College and 11th will enclose about 8,900 square feet on a 20,000 square-feet lot.
Speedy Cash will occupy about 5,500 square feet and the building will provide enough space for two other tenants, Baker said.
The city of Beaumont's building codes division has a construction permit on file showing the project will cost $690,000 to build.
Speedy Cash also will provide services such as wire transfers, money orders and pre-paid debit cards, which allows customers to deposit a specific amount into the debit account.
Baker said Speedy Cash is mostly concentrated in the Midwest and West. It has stores in Dallas-Fort Worth and in Houston. Beaumont will be its first location outside those metro areas.
Speedy Cash will join other similar businesses in Beaumont like Ace Cash Services, First Cash Advance, and Mr. Payroll among others.
Baker said the company studied Beaumont demographics such as population density and average household income, plus traffic counts. Its research showed there are at least 4,700 residents within one mile and 56,000 within three miles.
Average household income within one mile is $44,000 and almost $56,000 within three miles.
Traffic count is 32,000 vehicles per day at College west of 11th Street, and almost 20,000 vehicles at 11th and Stagg Drive. These numbers are as of 2001.
City of Beaumont traffic counts are similar, said Jacob Benfield, the city's traffic engineer.